September 2011 — September 2014
Marshfield Associates was established in June 1989 as a privately held investment advisory firm. The firm manages discretionary equity capital for institutional and private investors. Marshfield’s objective since its inception has been to outperform the relevant market indices with less risk of capital loss than would be occasioned by an investment in those indices. The firm is based in Washington, D.C.
Marshfield is distinguished by its investment process and the performance that process yields. Specifically, the firm’s price discipline and patience prevent it from overpaying for stocks and burdening performance with good ideas at uneconomic prices. Marshfield’s willingness to buy out-of-favor stocks allows it to side-step the market’s group psychology; concentrated portfolios allow the best ideas to drive performance, while the impact of the worst is tempered by strict adherence to the firm’s price discipline.